Vat increase
Mboweni: 'Zuma’s free higher education decision one of reasons behind VAT hike'
Tito Mboweni was replying to debate on a tax bill that gives effect to the rise from 14 to 15% in VAT which kicked in earlier this year.
ANC secretary-general Ace Magashule says the ANC has acknowledged the need to improve the economy as South Africans deal with the rising cost of living.
The independent panel, established in March, has received public submissions and held hearings on whether the list of 19 items should be expanded
In April, VAT increased by one percentage point to 15% to raise R22.9 billion more for the fiscus.
The trade union says the knock-on effects of the VAT increase has severely impacted consumer products and transport costs.
City Power has cited an unpaid VAT refund from Sars of over R314 million and a terminated contract with Eskom which accounts for over R267 million.
By Dr Jack & Curtis.
Noakes lists the zero-rated foods that can lead to healthier lifestyles in light of the recent increase in VAT.
Cape Talk host Kieno Kammies interviews tax consultant at Mazars Tertius Troost, who calculated the price of a braai.
Year-on-year growth for VAT has declined by 0.1%.
Economist Azar Jammine says the other issue is that personal tax rates are also increasing.
Frank Magwegwe, founder of ThrivenFinancial Wellness says consumers can cut down on unnecessary spending and must also look at other ways to make an additional income.
SANParks increased rates on Sunday in line with the recent value added tax (VAT) hike.
Retailers and other businesses who provide services will need to ensure their invoices correctly calculate the increase which will have a knock on effect on almost every South African.
The 1% increase from 14% to 15% kicked in on 1 April.
Cape Talk host Africa Melane interviewed Efficient Group chief economist Dawie Roodt.
Some economists have advised that consumers turn to food items which have zero vat implications.
The city says a major allocation in the 2018/19 budget is R9.8 billion earmarked for water and electricity bulk purchases from the Department of Water and Sanitation and Eskom.
EFF leader Julius Malema says that government should instead increase corporate tax to relieve the poor.